Pinterest Tumbles Nearly 5% On Reports Of Facebook Releasing Rival App

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The shares of Pinterest Inc. (NYSE: PINS) tumbled in Thursday's trade as The Information reported that social media giant Facebook Inc. (NASDAQ: FB) had launched a competing app.

What Happened

Facebook's "New Product Experimentation" team developed the app called "Hobbi," which lets users organize their photos into "visual collections," according to its description on the App Store, The Information reported Thursday.

The NPE team was instituted by Facebook in July last year, with the goal of developing useful consumer-facing …

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